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Home Personal Finance

10 Online Payday Loans in Ontario for Quick & Instant Approval

Adeola Adegoke by Adeola Adegoke
April 29, 2024
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online payday loans in Ontario
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Online payday loans in Ontario serve as quick, short-term solutions, readily accessible for obtaining small amounts of money, typically up to $1,500, to address unforeseen expenses. Whether it’s unexpected medical bills, car repairs, or groceries, these loans offer a prompt remedy.

Unlike traditional bank loans that can take weeks to process, online payday loans provide immediate financial assistance with straightforward application procedures. However, with numerous lenders available, it can be overwhelming to choose the right one.

In this blog post, we’ve curated a comprehensive list of the top 10 payday loans in Ontario to streamline your decision-making process. We will outline the advantages, disadvantages, and eligibility criteria of each online payday loan, empowering you to make a well-informed choice when navigating financial challenges.

Overview of the Best Online Payday Loans in Ontario

Payday Loans

Best Feature

Loan Amount

Mogo Financials

No early repayment charges

$100 to $35,000

Go To Site
Learn More

Loan Connect

Works with multiple lenders to offer you the best rates

up to $35,000

Go To Site
Learn More

Coast Capital

Quick approval

up to $3,000

Go To Site
Learn More

Fairstone

Offers loan insurance

up to $35,000

Go To Site
Learn More

LoanMeNow

No credit checking when applying

up to $35,000

Go To Site
Learn More

LendDirect

Straightforward application process

up to $35,000

Go To Site
Learn More

iCash

Bad credit is allowed

up to $35,000

Go To Site
Learn More

Focus Cash Loans

Easy online application

up to $35,000

Go To Site
Learn More

GoDay

Anyone with a regular income source can apply

up to $35,000

Go To Site
Learn More

Mr. Payday

It has a mobile app for applying for funding easily and quickly

up to $35,000

Go To Site
Learn More

10 Best Payday Loans in Ontario

There are many payday loans in Ontario, some are good, and some are not so good. The challenge is finding the one that will work for you and your situation. I’ve made it simple by comparing some of the best online payday loans in Ontario.

Here is a quick and easy list of the best ones with links for further research:

1. Mogo Financials

Mogo Finance Technology Inc. is a leading payday loan based in Ontario. They help Canadians navigate through life’s most stressful situations by offering a wide variety of financial options.

Mogo Financial’s comprehensive list of products and services includes mortgages, personal loans of $100 to $35,000, free credit score monitoring, etc. Qualifying may require several steps depending on the products you want to apply for.

Eligibility Requirements

  • Be above the Age of Majority in your province or territory (18 or 19)
  • Be a permanent resident of any province or territory in Canada except Quebec.
  • Proof of your income
  • Proof of an active bank account
  • Your employment history

Why we recommend Mogo Financials

  • Getting approved is relatively easy and quick
  • No early repayment charges.
  • They offer relatively large loans to cover lots of expenses and unpaid debts.
  • Mogo has a 100-day money-back guarantee policy
  • A Mogo membership comes with various perks

Why we don’t recommend Mogo financials

  • High-interest rates
  • Two non-sufficient funds penalties will apply if you default on any payments ($20-$50).
  • Additional loan fees

2. Loan Connect

Loan Connect’s payday loans are a great option if you live in Ontario and need cash fast. You can apply through their website or mobile app and get your funds within 24 hours.

The application process is simple and requires no credit score check, so anyone can apply with Loan Connect. You can get the cash you need by applying for a payday loan from Loan Connect in just a few steps.

Eligibility Requirements

  • Be above 18 or19 years old, depending on your provinces and territories
  • Be a Canadian citizen or resident
  • Have a valid bank account
  • Have proof of income
  • Have a government-issued ID

Why we recommend LoanConnect

  • Works with multiple lenders to offer you the best rates
  • Secured and unsecured loan options
  • Bad credit does not matter
  • Latest security to protect your information
  • Transparent contracts
  • Quick deposits after approval

Why we don’t like Loan Connect

  • High interest rates for bad credits
  • Online only with no physical meetings with the lender
  • Limited loan providers

3. Coast Capital

With over 80 years of experience, Coast Capital offers customers 100% secure online payday loans in Ontario with instant results. This company offers payday loans of up to $3,000 and has no hidden fees.

Coast Capital has a simple and easy-to-navigate website that allows its clients to complete their applications within a few minutes. The entire process is carried out online, and no credit checks or employment verification is required.

Eligibility requirements

  • Be a Canadian citizen or resident
  • Be above the age of majority
  • No past bankruptcy
  • Have proof of income with steady employment

Why we recommend Coast Capital

  • Quick approval
  • Flexible payment options
  • Refinancing to help you get lower interest rates and better loan term
  • Competitive rates

Why we don’t like Coast Capital

  • Not available in all of Canada, only in Quebec, Saskatchewan or other territories

4. Fairstone

Fairstone is a leading lender for payday loans in Ontario. They help Canadians meet their needs and budget by giving them cash. They are one of Canada’s most trusted and respected lenders. You can borrow up to $35,000 to settle debts, cover unexpected expenses, or anything else.

Fairstone has made it easy to apply for payday loans online. There’s no need for lengthy paperwork or complicated applications. All you have to do is, fill out a few details about your situation online, submit your application, and you’ll be notified shortly after that whether you’re approved for a payday loan.

Eligibility requirements

  • Be a Canadian citizen or resident
  • Above the age of majority in your province
  • Show proof of regular employment and a steady income
  • Have an active bank account in your name with a direct deposit capability

Why we recommend Fairstone

  • Easy application and fast approval
  • Offers loan insurance
  • Dedicated customer support
  • No prepayment penalties
  • You can cancel within 14 days if the loan is no longer suitable

Why we don’t like Fairstone

  • High-interest rates
  • Unsolicited loan offers
  • You will pay a discharge fee when you finish your loan
  • Negative press

5. LoanMeNow

LoanMeNow is a trusted payday loan provider with many years of experience helping Ontarians with quick cash. When you need money fast, you can rely on LoanMeNow to provide a quick cash advance in Canada.

LoanMeNow has helped many borrowers in Ontario, and other Canadian provinces get their hands on the cash they need. Whether you need to pay the rent or buy groceries, a payday loan can get you through those tough times.

Eligibility requirements

  • You must be above 18 years
  • Must be a Canadian resident
  • Must be paid by direct deposit
  • Must make at least $1,200 monthly after taxes
  • Must have an active bank account
  • Must have had the same employer for the last two months
  • Must not be in a bankruptcy or a consumer proposal

Why we recommend LoanMeNow

  • Super-fast approvals
  • No credit checking when applying
  • Fast funding as approved applications are funded the next business day
  • Loans are secure and confidential

6. LendDirect

LendDirect is the best place to go if you’re looking for online payday loans in Ontario or other financial services. Their simple and easy application process allows anyone to get a loan online, even if they have bad credit.

LendDirect speeds up the process by offering its services online. They’ll provide you with a quick and easy way to get the money you need when you need it most.

Eligibility requirements

  • You must be between 18 and 70 years old
  • Minimum monthly income threshold of $1500
  • Have a minimum credit score of 560
  • Minimum 3 months credit history 
  • You must be a Canadian resident living in a province where LendDirect service is available.
  • Have a viable bank account with direct deposit capability

Why we recommend LendDirect

  • Straightforward application process
  • Funds can be used for any expense
  • Funds are accessible immediately upon approval

Why we don’t like LendDirect

  • Not available across Canada
  • High-interest rates

7. iCash

iCash has several offerings that make it an attractive choice for Ontarians. They provide a 24-hour online application process that can be done in just a few minutes, and there are no hidden fees or costs.

Also, iCash is committed to providing exceptional customer service, which means the company is more than willing to give you the level of service you want.

Eligibility requirements

  • You must be above 19 years old
  • You must reside in a province where iCash services
  • Net income of at least $800 per month deposited into a bank account
  • Have a valid cell phone number, address, and email address
  • Have a Canadian bank account
  • Receiving income from the same source for the past three months

Why we recommend iCash

  • 24/7 application, approval and funding
  • Bad credit is allowed
  • Get your payday loan in less than an hour
  • No fee for early repayment
  • 24/7 e-transfer

Why we don’t like iCash

  • Extremely expensive
  • Short repayment terms
  • Payday loan regulations vary by province

8. Focus Cash Loans

Focus Cash Loans offer a quick and dependable service that can supply you with the emergency cash you want in minutes. This company has grown into one of the best payday loan companies by offering customers quick access to funds and sound advice for managing their money.

Eligibility requirements

  • You must be 19 years of age or older.
  • Have an active chequing account that can receive e-transfers.
  • Have proof of a net income of $1,200 per month
  • Have an active telephone number that Focus can contact you at.
  • Bank statements show regular direct deposits from the past three months.

Why we recommend Focus Cash Loans

  • Easy online application
  • Fast approval and funding
  • Bad credit is okay
  • No collateral for loans
  • You can use the funds for any purpose

Why we don’t like Focus Cash Loans

  • Not available across Canada, only in Alberta, BC, and Ontario
  • You need to provide two references
  • Short repayment terms
  • Steep interest rates

9. GoDay

GoDay is a direct lender that offers online payday loans in Ontario. They have a team of experts on hand to help you with your payday loan needs. You can call them anytime, 24/7, to speak with a friendly expert who can help you get the cash you need when you need it.

Whether you’re a student looking to pay off tuition, or a homeowner needing home repair money, GoDay offers fast and convenient loans. You can apply for a payday loan through our website anytime and anywhere. Once they process your application, you will receive your funds instantly.

Eligibility requirements

  • You must be a Canadian resident.
  • Have your valid email account, phone number, and home address.
  • You must meet the minimum age requirement in your province.
  • Have a steady source of income
  • Have an open bank account with a Canadian bank or credit union.
  • You must live in Alberta, BC, Manitoba, New Brunswick, Nova Scotia, Ontario, PEI, or Saskatchewan.

Why we recommend GoDay

  • Fast approval
  • Easy online application
  • Unsecured loan
  • Anyone with a regular income source can apply

Why we don’t like GoDay

  • Incredibly high fees
  • First-time borrowers only get $500
  • Not available in all provinces
  • Automatic withdrawals of loans from the borrower’s account

10. Mr. Payday

Mr. Payday has been a trusted payday loan company in Ontario since 2002. They are one of the leading providers of online payday loans in Ontario. This company is a reputable payday loan company in Canada committed to getting Canadians the money they need when they need it most.

You can apply for a payday loan over the phone or online and receive your funds in just a few minutes. You can also repay your loan early without incurring any fees or penalties.

Eligibility requirements

  • You must be above 19 years old.
  • Have an active chequing account.
  • Be a Canadian citizen or permanent resident.
  • Have a stable job or receive government or non-government disability benefits.
  • Have an active phone number.
  • Have a net income of over $1,100 per month.

Why we recommend Mr. Payday

  • Simple application process
  • Online payday loans instant approval
  • No collateral is required
  • It has a mobile app for applying for funding easily and quickly
  • Bad credit is okay
  • Non-employment income is allowed when you have government or non-government benefits.

Why we don’t like Mr. Payday

  • Fast repayment required
  • Only borrows up to $1,500
  • You can’t apply if your bankruptcy is declared
  • Requires two references
  • Very high fees

Final Thoughts on Best Payday Loans in Ontario

Living paycheck to paycheck and facing unexpected expenses can be tough. When your next payday is too far away, payday loans may seem the perfect solution. 

While payday loans can provide much-needed relief for bills, car repairs, or school expenses, they often come with high interest rates and fees that can add up quickly.

Before you sign on the dotted line, it’s crucial to understand the potential pitfalls. Don’t let the lure of fast cash cloud your judgment. Read the fine print and consider all your options before taking out a payday loan. 

Remember, payday loans should be a last resort. If you’re in a bind and need help with expenses, take a moment to explore other options. With the right approach, you can get the financial assistance you need without the added stress of high interest rates and fees.

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